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Pfizer may counter Daiichi's bid for Ranbaxy

Pfizer may be about to bid for a 65 per cent share of Indian generics company, Ranbaxy, according to a Business Standard report
Pfizer may be about to bid for a 65 per cent share of Indian generics company, Ranbaxy, according to a report in the Business Standard newspaper.

Ranbaxy, founded by the Singh family, has agreed a deal with Japan's Daiichi Sankyo, worth up to $4.6bn to take control of the company. However, it is rumoured that Pfizer, which held talks with Ranbaxy a year ago, may be about to make a counter bid.

According to the newspaper, a Ranbaxy spokesman said: "We have a binding contract with Daiichi. It is a final contract."

Pfizer has lost out to Ranbaxy in several international battles over the patent rights to Lipitor, its cholesterol drug. In most countries the patent will start expiring in 2011.

13th June 2008

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